US-Iran ceasefire expires, Hormuz crisis deepens
Analysis based on 335 articles · First reported Jul 31, 2026 · Last updated Aug 21, 2026
Oil prices have risen to multi-week highs, with Brent above $91 and WTI above $85, as the prolonged Hormuz crisis tightens global supply. Long-term Treasury yields have hit multi-year highs, pressuring equities, especially tech stocks, and raising inflation concerns.
The 60-day deadline for a US-Iran peace deal expired on August 17, 2026, with the two sides further apart than ever. The interim Memorandum of Understanding signed in June collapsed over control of the Strait of Hormuz. Iran has shifted to a 'fully offensive' military posture and threatened a 'timely and precise' attack to break the US naval blockade if diplomacy fails. The US has ruled out extending the ceasefire, and President Trump has threatened to bomb Oman if it interferes with US control of the strait. Oil prices have surged to three-week highs, with Brent above $91 and WTI above $85, as shipping through Hormuz remains at single-digit crossings. The crisis has driven up bond yields, pressured equities, and raised inflation concerns. Iran's economy is under severe strain with inflation above 80%, while the US faces higher fuel prices ahead of congressional elections. Houthi attacks in the Red Sea have added to supply fears. Diplomatic efforts, including back-channel talks with the IRGC and outreach to Austria and Greece, have failed to break the impasse.
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